A boom in China felt in LA's suburbs

Foreign buyers snap up property across the southwest in increasing numbers.

By E. Scott Reckard

capecodtimes.com

By E. Scott Reckard

Posted Apr. 6, 2014 at 9:35 AM

By E. Scott Reckard

Posted Apr. 6, 2014 at 9:35 AM

This contemporary ranch nestled in quiet Centerville could easily be mistaken for an Adirondack home. Trees dot the property. Scenic views of Lumbert Pond pull for attention through the floor-to-ce...

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This contemporary ranch nestled in quiet Centerville could easily be mistaken for an Adirondack home. Trees dot the property. Scenic views of Lumbert Pond pull for attention through the floor-to-ceiling sliding glass doors that line the living/dining room, master bedroom, and kitchen area.

The doors lead out to a 48-foot, rounded cedar deck, custom made by the owner. The deck overlooks 80 feet of lush green frontage complete with a wooden bench to take in the wildlife. Swans and turtles frequent the pond.

Perhaps the only thing to pry attention away from the deck and view is the kitchen.

Cherry cabinets surround the exotic Blue Burgundy Brazilian countertop. The kitchen is not only beautiful but state-of-the-art.

It includes a six-burner stove with a Wolf cooktop, Wolf oven, indoor grill, dishwasher, multiple ovens, and a wine chiller.

The kitchen opens to a family room complete with fireplace. The cathedral-ceilings create an open and inviting feel to the house. It would be a natural habitat for a quiet evening by the fire, as well as a roaring summer soiree.

A master bedroom, guest bedroom and full bathroom round out the first floor.

A lower walkout has an extremely spacious laundry room with access to the frontage, as well as another guest bedroom, full bath, multiple storage areas, office, and shop area.

The guest room can fit five comfortably — in case the family comes to visit. It also has direct access to the backyard and offers a view to the pond.

The lot clocks in at just under 0.6 acres. A two-car, attached garage lies in front with a paved driveway with room for four. And if that soiree is really roaring, there is room for off-street parking.

The 1,8000-square-foot ranch is only minutes from Craigville Beach.

» Social News

and Andrew Khouri

The overflow from China's economic high tide is transforming the housing markets of suburban Los Angeles.

Affluent Chinese home buyers are driving prices past boom-era peaks, spawning a subset of property brokers and mortgage lenders that cater to their distinct needs — and even dictate design details in new subdivisions.

The strongest magnet is California's San Gabriel Valley, where the city of Monterey Park, became known as the "first suburban Chinatown" in the 1970s. Selling real estate there now requires familiarity with feng shui, the ancient Chinese principles of harmonious design.

"People are getting money out of mainland China and sticking it here," said Mel Wong, president of the West San Gabriel Valley Association of Realtors.

The trend has spilled over into other areas, including San Bernardino and Orange counties and even Las Vegas, with more acculturated Chinese-Americans seeking homes big enough to host lengthy visits from overseas relatives.

Chinese buyers bought 12 percent of all U.S. homes purchased by foreign citizens last year, up from 5 percent in 2007, according to the National Association of Realtors. More than half their home purchases were in California. And more than two-thirds of them paid cash, the trade group said.

The trend appears unlikely to unwind soon. More than 60 percent of China's wealthy have left or plan to leave the country, at least part time, and their No. 1 destination is the United States, according to the Hurun Report, a Shanghai publishing firm focused on recently minted millionaires and billionaires.

Despite dizzying ups and downs in U.S. home prices, the market can seem more stable than in China, where fears of a property bubble have added to the economic and political worries of the burgeoning middle and upper classes.

Home builders have taken note of the surging interest from Chinese buyers, as well as Chinese-Americans who have lived in the U.S. for years but still favor neighborhoods and amenities that reflect their native culture.

At Lambert Ranch _ an Irvine, Calif., development of $1-million-and-up homes that quickly sold out last year _ Chinese benches and figurines decorated the downstairs of model homes.